New listing data reveals supply and demand problems

The majority of the capital cities, according to CoreLogic research analyst Cameron Kusher, is likely due to reduced demand for housing as potential vendors hold off putting stock up.

However, in some of the softer markets such as Sydney and Melbourne, total listings are higher, which highlights the current difficulty in trying to sell stock.

If this continues through to spring, then investors should be concerned, Mr Kusher said.

“The real litmus test for the housing market will be what happens in spring, particularly in Sydney and Melbourne. If, as usually occurs, new listings ramp-up and a lot more stock becomes available for sale, this could create further downwards pressure on values,” Mr Kusher said.

“Don’t be surprised though if with tightened credit and an already weakening housing market, that spring this year is a lot more muted than what we’ve seen over recent years.”

The Property Pulse also broke down the state of new listings and total listings over the last 28 days, and compares this to how listings were performing for the same period of 28 days last year:

Sydney

Over the last 28 days new listings were down 13.1 per cent to 5,601, while the total number of listings were up 21.7 per cent higher to 26,103.

Melbourne

Similar to Sydney, over the last 28 days new listings were down 4.8 per cent to 6,821, while the total number of listings were up 10.5 per cent to 30,029.

Brisbane

Consistent with the overall trend, over the last 28 days new listings were down 3.2 per cent to 3,789, while the total number of listings were up just 1.2 per cent to 19,738.

Adelaide

Over the last 28 days, new listings were down 8.5 per cent to 1,646 the lowest since 2012 and, bucking the general trend, total listings were also down by 2.8 per cent to 7,789, the lowest since 2014.

Perth

There was little movement in Perth, as new listings declined only 1 per cent to 3,007, the lowest since 2012 and total listings were up only 1.7 per cent.

Hobart

Over the last 28 days new listings were up 8.5 per cent to 344, but total listings were down 23.6 to 951, a historic low.

Darwin

Another capital city to buck the general trend, over the last 28 days, new listings were down 3.3 per cent to 176 and total listings were down 11.8 per cent to 1,446.

Canberra

Our nation’s capital saw new listings over the last 28 days decline 18.4 per cent to 465, with total listings also declining 4.9 per cent to 1,753.